BP Plc, in which activist investor Elliott Investment Management has built up a nearly 5% stake, is considering a potential sale of its lubricants business, according to people familiar with the matter.

Several BP Plc shareholders said they welcome activist Elliott Investment Management taking a stake in the British oil major because the company needs to make meaningful changes.

BP has a laundry list of problems. The $93 billion UK oil major has a confused strategy, an overleveraged balance sheet, and a valuation way adrift of its main rivals. Given it also now has an activist investor - Elliott Investment Management - with a 5% stake,

BP Plc’s crucial strategy reset, which included a pivot back to oil and promises to sell assets, appeared to win few plaudits from investors as shares erased their recent gains. Most Read from BloombergThe Trump Administration Takes Aim at Transportation ResearchNYC’s Congestion Pricing Pulls In $48.

BP Plc’s “fundamental reset” on Wednesday is the most highly anticipated strategy shift for an oil major in several years.

BP said it would increase annual oil and gas spending to $10 billion and cut planned annual investment in energy transition businesses by more than $5 billion.

The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.

BP's current price/earnings ratio is attractive, and activist involvement could unlock further value. See why I rate BP stock a buy.

The Houston oil giant is abandoning its goal of growing its renewable generation capacity 20-fold by 2030, Reuters reports.

BP has announced a major strategic reset, increasing its investment in upstream oil and gas to $10 billion annually while significantly reducing spending on clean energy to $1.5-2 billion a year.

BP slashed planned investment in renewable energy and said Wednesday that it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and shareholder returns.